Texas Public Finance Authority Agency Orientation
Kim Edwards Executive Director 463-5700 Judith Porras General Counsel 463-5681John Hernandez Deputy Director 463-3101Gabriela Klein Financial Analyst 463-3142Tracey Pena MLPP Coordinator 463-5695Pamela Scivicque Business Manager 463-3141Ophelia Guerrero Financial Reporting 305-9469
January 24, 2007www.tpfa.state.tx.us
AgendaI. Bond Issuance ProcessII. Legislative AuthorizationIII. Financing DocumentsIV. Bond IssuanceV. Ongoing Debt Administration
A. Federal Tax Law ComplianceB. Drawing & Spending ProceedsC. Arbitrage RebateD. Paying Debt ServiceE. Financial ReportingF. Continuing Disclosure
I. Bond Issuance Process
Bond Issuance Process(90 - 120 days)
A. Legislature authorizes the project or program and the issuance of debt
B. Agency governing body adopts a resolution authorizing request for financing
C. Agency submits request for financing to TPFAD. TPFA Board approves request, determines type
of debt instrument and sale processE. Bond Review Board approvalF. Bond sale/closing
Pre-planning
• Project description• Timing of funding
– How much money will you need, when will you need it
• Special information – Ex: use of facility by entities other than state or local
governments; management contracts; repayment sources other than General Revenue
• Contact information – name, title, phone, email for Finance/Budget, Project
Manager, and General Counsel
A. Legislative Authorization
GO Bonds
Revenue Bonds
Project Authorization
Agency
Agency
Proceeds
Agency
Agency
Debt Service
TPFA
Agency
(TPFA provides numbers)
Legislature must approve the project and use of bond financing;appropriate debt service and bond proceeds.
B. Agency Resolution
• Authorizes the request for financing and delegates authority to sign required documents and take other required action to accomplish the financing
C. Request for Financing
• The Request for Financing is required by TPFA Board Rules, 34 Texas Administrative Code, Section 221.3, available at www.tpfa.state.tx.us
• Submitted by Client Agency at least 12 weeks before funds are required.
• Includes:• Agency Resolution delegating authority• Legal Authority for Project• Project Analysis (i.e., Project Description, Project Budget)• Disbursement (also referred to as “Expenditure” or “Draw”)
Schedule
D. TPFA Board
• Approve Request for Financing• Determine debt instrument: Commercial
Paper or Bonds• Select Method of Sale: Competitive or
Negotiated• Select Financing Team
– Financial Advisor, Bond Counsel, Underwriter
D. Debt Instruments
• Bonds: Long term (5+ years), fixed or variable interest rate
• Notes: - Intermediate Term (1-5 years), fixed or variable
interest rate
- Short Term (1-270 days), variable interest rate, such as Commercial Paper
Short vs. Long-term Interest Rates
History of TPFA Debt Programs1992 - 2006
0%
1%
2%
3%
4%
5%
6%
7%
8%
Long Term Short Term Texas SDI TPFA Bond Issues TPFA CP
II. Legislative Authorization
Legislative Authorization
There are four components of Legislative Authorization:• Approve the project• Approve the use of bond financing• Appropriate bond proceeds• Appropriate debt service
Requesting New Bond Authority• Provide TPFA staff with:
1. the draft authorizing language (Statute or Appropriations Act),2. the amount requested,3. a short description of the project,4. and a projected quarterly expenditure schedule,5. an estimate of when the bond proceeds will be spent
• TPFA will prepare an issuance schedule and corresponding debt service estimates.
• Note possible non-general revenue funds that might be used for debt service
• Contact TPFA staff if you have any questions. • The earlier we can be involved in the process, the more likely we will
be able to help you obtain an efficient, cost effective financing.
Existing Bonds• Debt Service
– GO Bonds: TPFA will estimate debt service on GO bonds and CP andinclude it in TPFA’s LAR.
– Revenue Bonds: On or before April 1 preceding each regular Legislative session, TPFA will notify you of the rent payment due in the next biennium. You must request this lease payment in your LAR.
• If you have not issued or encumbered all your bond proceeds prior to the end of the biennium, you need to make sure your ability to issue and expend those proceeds for the project in a subsequent biennium is continued. Usually done by “U.B.” rider in agency’s bill pattern.
• If the full amount authorized has not been approved by TPFA and BRB prior to the end of the biennium, you will need to ensure the authorization is continued. This is also usually done in the agency’s bill pattern.
Ongoing Legislative Authorization
Unexpended Balance (UB) Authority for unspent bond proceeds
Example of UB AuthorityMethod of Financing (Capital Budget):General Revenue Fund $ 300,000 $ 200,000Bond Proceeds - General Obligation Bonds 50,000,000 UB
Ongoing Legislative Authorization (con’t)
Appropriation of lease payments for revenue bonds
Debt ServiceLease Payments 690,292 601,658
Ongoing Legislative Authorization (con’t)
Reauthorization of unused bond authorization
III. Financing Documents
Major Documents in Bond Issue
• Request for Financing• Memorandum of Understanding• Agency’s Reimbursement Resolution (if necessary)• Financing Agreement (GOs) or Lease Agreement
(appropriation-backed lease revenue bonds)• Resolution of the TPFA Board authorizing the
issuance and sale of the Bonds and the terms and conditions thereof.
• Official Statement• Tax or “Arbitrage” Certificate
Memorandum of Understanding
• Required by Texas Government Code, Section 1232.102.
• Sets out the respective rights and responsibilities of the Agency and the Authority.
• Required for GO and Revenue Bond Issues that finance construction projects
Financing Agreement (for GOs)
• Sets out the conditions of the financing• Rights and Obligations of the Agency
• Complete the Project and spend the money• Operate, maintain, use the Project for intended, specified
governmental purposes;• Comply with tax covenants
• Helps the Authority comply with federal tax law requirements.
Lease Agreement (for Revenue Bonds)
• TPFA Leases the financed facility to the Agency• Agency obligated to:
• Make rent payments (for debt service and property insurance)
• Operate, maintain, use the Project for intended, specified governmental purposes;
• Comply with tax covenants
IV. Bond Issuance
Issuance of Proceeds
• TPFA determines the amount of proceeds to be issued based on:– Client agency expenditure schedule– Federal arbitrage guidelines
• Proceeds and interest earnings are appropriated to the agency on whose behalf they are issued.*
• Net Funding: Bond Proceeds + Interest Earnings = Total Expenditure
• Accurate Expenditure Schedule* (HB1, Art. IX, p.IX-59, Sec. 8.09, Acts, 78th Leg. R.S.2003, and SB1, Art. IX, p.IX-52,
Sec. 8.09, Acts, 79th Leg. R.S. 2005)
Sample Agency Expenditure Schedule (Bonds)
Deposit Interest Scheduled BalanceEarnings @ 5% Draws
09/15/06 19,200,000 - - 19,200,000 10/01/06 212,000 10/01/06 - 42,124 212,000 19,030,124 11/01/06 350,000 11/01/06 - 78,357 350,000 18,758,481 12/01/06 500,000 12/01/06 - 77,237 500,000 18,335,719 01/01/07 460,000 01/01/07 - 75,494 460,000 17,951,212 02/01/07 650,000 02/01/07 - 73,908 650,000 17,375,120 03/01/07 707,000 03/01/07 - 71,532 707,000 16,739,653 04/01/07 813,000 04/01/07 - 68,912 813,000 15,995,565 05/01/07 1,040,000 05/01/07 - 65,843 1,040,000 15,021,408 06/01/07 2,490,000 06/01/07 - 61,826 2,490,000 12,593,234 07/01/07 2,740,000 07/01/07 - 51,812 2,740,000 9,905,046 08/01/07 1,930,000 08/01/07 - 40,726 1,930,000 8,015,772 09/01/07 1,680,000 09/01/07 - 32,935 1,680,000 6,368,708 10/01/07 1,260,000 10/01/07 - 26,143 1,260,000 5,134,850 11/01/07 1,300,000 11/01/07 - 21,055 1,300,000 3,855,905 12/01/07 1,250,000 12/01/07 - 15,780 1,250,000 2,621,685 01/01/08 930,000 01/01/08 - 10,690 930,000 1,702,376 02/01/08 638,000 02/01/08 - 6,899 638,000 1,071,275 03/01/08 417,000 03/01/08 - 4,297 417,000 658,572 04/01/08 338,000 04/01/08 - 2,595 338,000 323,166 05/01/08 295,000 05/01/08 - 1,212 295,000 29,378
Total 20,000,000 19,200,000 829,378 20,000,000
Net Funding CalculationDisbursement Schedule
Commercial Paper Issuance
• Size and timing of issue determined by TPFA staff• Based on user agency expenditure schedule
– Updates required before each issuance of commercial paper
• Other Factors– Federal tax law– Market Conditions– Net Funding
Sample Agency Expenditure Schedule(Commercial Paper)
Deposit Interest Scheduled BalanceEarnings @ 5% Draws
09/15/06 15,400,000 - - 15,400,000 10/01/06 100,000 10/01/06 - 33,764 100,000 15,333,764 11/01/06 250,000 11/01/06 - 63,095 250,000 15,146,859 12/01/06 312,000 12/01/06 - 62,324 312,000 14,897,183 01/01/07 460,000 01/01/07 - 61,294 460,000 14,498,477 02/01/07 505,000 02/01/07 - 59,650 505,000 14,053,127 03/01/07 770,000 03/01/07 - 57,814 770,000 13,340,941 04/01/07 813,000 04/01/07 - 54,877 813,000 12,582,817 05/01/07 940,000 05/01/07 - 51,750 940,000 11,694,568 06/01/07 1,040,000 06/01/07 - 48,087 1,040,000 10,702,655 07/01/07 1,680,000 07/01/07 - 43,997 1,680,000 9,066,651 08/01/07 1,950,000 08/01/07 - 37,250 1,950,000 7,153,901 09/01/07 2,100,000 09/01/07 - 29,362 2,100,000 5,083,263 10/01/07 2,660,000 10/01/07 20,823 2,660,000 2,444,085 11/01/07 2,500,000 11/01/07 8,800,000 9,939 2,500,000 8,754,024 12/01/07 1,250,000 12/01/07 - 36,036 1,250,000 7,540,061 01/01/08 1,300,000 01/01/08 - 31,030 1,300,000 6,271,090 02/01/08 1,250,000 02/01/08 - 25,797 1,250,000 5,046,887 03/01/08 1,010,000 03/01/08 - 20,748 1,010,000 4,057,635 04/01/08 930,000 04/01/08 - 16,669 930,000 3,144,304 05/01/08 638,000 05/01/08 - 12,902 638,000 2,519,206 06/01/08 572,000 06/01/08 - 10,324 572,000 1,957,531 07/01/08 460,000 07/01/08 - 8,008 460,000 1,505,539 08/01/08 350,000 08/01/08 - 6,144 350,000 1,161,683 09/01/08 295,000 09/01/08 - 4,726 295,000 871,409 10/01/08 267,000 10/01/08 - 3,529 267,000 607,938 11/01/08 212,000 11/01/08 - 2,442 212,000 398,380 12/01/08 145,000 12/01/08 - 1,578 145,000 254,958 01/01/09 116,000 01/01/09 - 987 116,000 139,945 02/01/09 70,000 02/01/09 - 512 70,000 70,457 03/01/09 55,000 03/01/09 - 226 55,000 15,683
Total 25,000,000 24,200,000 815,683 25,000,000
Net Funding CalculationDisbursement Schedule
V. Ongoing Debt Administration
Ongoing Debt Administration
A. Federal tax law compliance- Use of the facility, sale/disposition of assets - Arbitrage rebate compliance:monitor expenditure and investment of proceeds
B. Draw and Spend bond proceeds C. Arbitrage RebateD. Pay debt serviceE. Financial ReportingF. Continuing Disclosure
A. Federal Tax Law Compliance
• Use of Proceeds/Project• Disposition of asset• Arbitrage Rebate
- Status Reports- Project Completion
Use of the Proceeds and Project
• Proceeds may be spent only for “governmental purposes (i.e., the purpose authorized by the Legislature)
• General rule for Tax-exempt Bonds and CP: At least 90% of the proceeds must be used by State or Local Government
• Change in use (by entity other than state or local government) or ownership of the facility prior to maturity of the bonds must be approved by TPFA in advance
B. Draw and Spend Bond Proceeds
Disbursement (Draw)
• Draw - transfer of bond proceeds from TPFA to client agency
• Initiated by client agency using the Disbursement Certificate in the Financing Agreement
– Draw Contact:Chris Gilliland Fund Accountant [email protected]
Sample Disbursement CertificateGO Bonds: Financing Agreement, Exhibit D Revenue Bonds: Lease Agreement, Exhibit C
The undersigned hereby certifies, on behalf of the ___________________________ (the Qualified Agency”), as follows:
(a) The capitalized terms in this Certificate that are not herein defined shall have the meanings defined in the Financing Agreement, dated as of _______________________, between the Qualified Agency and the Texas Public Finance Authority.
(b) The Qualified Agency (Agency No. _____) requests disbursement from the Project Fund to Pay Project Costs in the aggregate amount of $______________. The aggregate of all disbursements (including this disbursement) from the Project Fund requested by the Qualified Agency to date is $_____________.
(c) Except as previously disclosed in writing to the Executive Director, the Qualified Agency is not in breach of any representation, warranty, or agreement in the Financing Agreement.
(d) The Qualified Agency reasonably expects to submit payment vouchers, in the aggregate amount of the disbursement requested by this Certificate, for the payment of the Project Costs for which disbursement is requested.
(e) For each item of Project Costs for which a disbursement of funds is requested, state the following information [attach separate sheet if necessary]:
PCA | Appropriated Fund No. | Agency Fund No. | AY | Amount of Disbursement | Project Identification
IN WITNESS WHEREOF, the undersigned executes this Certificate on the date shown below:
____________________________“Qualified Agency”
By: _________________________Authorized Agency Representative
Date: ________________________
Flow of Funds
TPFAFund A
ClientFund A
Contractor
Draw
Expenditure
(Not a Transfer)
Spending the Proceeds
• All projected related expenditures shall be processed out of the Project Fund established by TPFA.
• Client agencies shall establish collected revenue budgets in their respective Project Funds.
• Benefit appropriations shall be established by the client agency, within the Project Fund, as collected revenue and funded with bond proceeds. (See APS 019)
Project Related Salary Benefit Appropriation Allocations (Cash)
Revenue TransferAppropriated Fund/Agency
Fund/PCA406 Appropriation where
cash is deposited3970 or specific revenue object
Determined by agency
405 Receiving agency benefit appropriation
3970 or specific revenue object
Determined by agency
Appropriated Fund/Agency
Fund/PCA403 Receiving agency
benefit appropriation3968 Determined by agency
404 Appropriation where cash is deposited
7968 Determined by agency
Appropriation COBJ
Operating Cash Transfer
T-Code Appropriation COBJ
T-Code
Project Related Salary Benefit Appropriation Allocations (Budget)
Collected BudgetTransfer-Out of Benefit Appropriation
Agy# T-Code Appn# COBJ PCA Fund327/902 012 Various 7000 Various 999327/902 015 Various 3000 Various 999
Transfer-In to Agency Receiving AccountAgy# T-Code Appn# COBJ PCA FundXXX 018 Various 7000 XXXXX XXXX*XXX 021 Various 3000 XXXXX XXXX*
* GR Dedicated or Other Special Fund(s) that will pay salaries.
Sample Status ReportGO Bonds: Financing Agreement, Exhibit E Revenue Bonds: Lease Agreement, Exhibit D
The periodic status report prepared by the “Qualified Agency” pursuant to this Lease/Financing Agreement shall contain the following information with respect to the Project:
(1) identity of the Project (name, ID no., etc.);(2) fund number(s);(3) the budget amount for the Project (including adjustments, if any);(4) description of work category;(5) amount expended for reporting month;(6) total amount expended to date;(7) amount encumbered;(8) available balance;(9) percent work complete; and(10)narrative identifying any problems (including, without limitation, delays and cost
overruns) and indicating whether such problems will substantially alter work schedule or costs.
Reports are usually due by the 15th of each month
Report deviations from the original expenditure schedule (10% or $1 million) directly to the Executive Director
Project Completions
• Submit a project completion certificate upon completion of the financed projects or when no further proceeds will be expended for project costs.
• Upon completion of the project, any unspent bond proceeds are transferred to the debt service fund and used to pay debt service.
• Goal: Close project funds within 3 to 5 years (for construction projects)
The undersigned hereby certifies, on behalf of “Qualified Agency” , as follows:
a. The capitalized terms in this Certificate that are not herein defined shall have the meanings defined in the Lease/Financing Agreement, dated as of _____________, between the “Qualified Agency” and the Texas Public Finance Authority.
b. The Project was completed on (or no further proceeds of the Bonds are to be expended for Project Costs as of) ________________________________ [insert date].
c. Except for $___________ (the “Retainage”), all Project Costs that have been incurred have been paid, and no further disbursements from the Project Fund for the payment of Project Costs will be necessary.
d. The Retainage is sufficient to pay all claims (1) for the payment of any Project Costs that are not presently due, and (2) for the payment of any Project Costs the liability for which is being contested or disputed by the “Qualified Agency” .
IN WITNESS WHEREOF, the undersigned executes this Certificate on the date shown below.____________________________
“Qualified Agency”
By:______________________________Authorized Commission Representative
Date:_______________________________
Form of Project Completion CertificateGO Bonds: Financing Agreement, Exhibit FRevenue Bonds: Lease Agreement, Exhibit E
C. Arbitrage Rebate
Definition
Arbitrage is the difference between the amount actually earned from the investment of the gross proceeds of an issue and the amount that would have been earned had the gross proceeds been invested at the bond (arbitrage) yield.
Arbitrage for Tax Exempt Bonds
0.00%
1.00%
2.00%
3.00%
4.00%
5.00%
6.00%
Jun-03
Sep-03
Dec-03
Mar-04
Jun-04
Sep-04
Dec-04
Mar-05
Jun-05
Sep-05
Dec-05
Mar-06
Jun-06
Sep-06
Dec-06
Mar-07
Jun-07
Sep-07
Dec-07
Mar-08
Jun-08
Fed Funds Target RateArbitrage Yield
Arbitrage Rebate
Yield Restriction
Source: Public Financial Management
24 Month Spending Exception for Construction Projects
• The interest earnings from an issue can be exempted from rebate if the gross proceeds are spent as illustrated
• The first three benchmarks include reasonably expected interest earnings based on the original expenditure schedule and the fourth is based on actual interest earnings.
10%
45%
75%
95%
0%
10%
20%
30%
40%
50%
60%
70%
80%
90%
100%
6 Months 12 Months 18 Months 24 Months
Benchmarks
Expenditure Schedule with Arbitrage TestDeposit Interest Scheduled Balance
Earnings @ 5% Draws09/15/06 19,200,000 - - 19,200,000
10/01/06 212,000 10/01/06 - 42,124 212,000 19,030,124 11/01/06 350,000 11/01/06 - 78,357 350,000 18,758,481 12/01/06 500,000 12/01/06 - 77,237 500,000 18,335,719 01/01/07 460,000 01/01/07 - 75,494 460,000 17,951,212 02/01/07 650,000 02/01/07 - 73,908 650,000 17,375,120 03/01/07 707,000 03/01/07 - 71,532 707,000 16,739,653 04/01/07 813,000 04/01/07 - 68,912 813,000 15,995,565 05/01/07 1,040,000 05/01/07 - 65,843 1,040,000 15,021,408 06/01/07 2,490,000 06/01/07 - 61,826 2,490,000 12,593,234 07/01/07 2,740,000 07/01/07 - 51,812 2,740,000 9,905,046 08/01/07 1,930,000 08/01/07 - 40,726 1,930,000 8,015,772 09/01/07 1,680,000 09/01/07 - 32,935 1,680,000 6,368,708 10/01/07 1,260,000 10/01/07 - 26,143 1,260,000 5,134,850 11/01/07 1,300,000 11/01/07 - 21,055 1,300,000 3,855,905 12/01/07 1,250,000 12/01/07 - 15,780 1,250,000 2,621,685 01/01/08 930,000 01/01/08 - 10,690 930,000 1,702,376 02/01/08 638,000 02/01/08 - 6,899 638,000 1,071,275 03/01/08 417,000 03/01/08 - 4,297 417,000 658,572 04/01/08 338,000 04/01/08 - 2,595 338,000 323,166 05/01/08 295,000 05/01/08 - 1,212 295,000 29,378
Total 20,000,000 19,200,000 829,378 20,000,000
Issue Date 9/15/2005Benchmark Test Date
Arbitrage Benchmark
Required Expenditures
Anticipated Expenditures
Issuance Amount 19,200,000 03/15/06 10% 2,002,938 2,879,000 Anticipated Earnings (5%) 829,378 09/15/06 45% 9,013,220 13,572,000
20,029,378 03/15/07 75% 15,022,034 19,367,000 09/01/07 100% 20,029,378 20,000,000
Arbitrage Expenditure Test
Net Funding CalculationDisbursement Schedule
Arbitrage Rebate Calculations
• Calculations are performed as of August 31st of each year.
• An amount sufficient to cover the rebate liability is transferred from the project fund to the rebate fund when the liability is recognized.
• Installments must be paid to the IRS at least every 5th bond year.
D. Paying Debt Service
Debt Service Appropriation
Legislative approval: Legislature must appropriate debt service.
GO Bonds
Revenue Bonds*
Debt Service
TPFA
Agency
* Not later than the April 1 preceding each regular session of the Legislature of the State, TPFA shall provide the client agency with notice of the amount of the rent payments (or estimated amount, as applicable) that are to come due during the next fiscal period with respect to the Lease.
Debt Service Dates
• General Obligation Debt– October 1st & April 1st
• Revenue Debt*– February 1st and August 1st
• Master Lease Purchase Program– August 1st
• TPFA initiates debt service transfers 2 to 50 days prior to the debt service due date. (Texas Workforce Commission, Texas Military Preparedness Commission, Texas Department of State Health Services (DSHS), and TSTC are exceptions)
Debt Service Contacts
• Debt Service/Proceeds ContactPamela Scivicque Business Manager [email protected]
• MLPP Debt Service ContactTracey Peña MLPP Coordinator [email protected]
E. Financial Reporting
Shared Funds Highlights of AFR requirements
Introduction
“A number of state funds are appropriated for use by more than one agency. These funds are called “shared funds”. These procedures ensure Cash in State Treasury is not double-counted and all shared fund activity is reported by the appropriate agency.”
Reporting Requirements and Technical Guidance for Annual Financial Reports of State Agencies. - Comptroller of Public Accounts (“CPA”)
Agency Responsibilities
• Controlling Agency = TPFA*– The controlling agency is the agency required to reconcile
the entire cash activity for the fund and report the Cash in State Treasury balance on the Annual Financial Report.
• Non-Controlling Agency = Client Agency– A Non-Controlling Agency is any other state agency
authorized to spend money from a shared fund but is not the controlling agency. The agency should not report the shared Cash in State Treasury balance on the Annual Financial Report.
Source: Requirements for the Annual Financial Reports (Pages 3.27-3.28 – June 2006)* Universities, Texas Parks & Wildlife Department, and Texas Workforce Commission are exceptions.
Non-Controlling Agencies
• “Operating Transfers-In must be reported in the amount of cash and accrued transactions incurred by the agency.”
• “Non-Controlling agencies will account for the year-end accruals reported as payables by offsetting them with a Due-From.” (T-Code 478/479)
Source: Requirements for the Annual Financial Reports (Page 3.28 – June 2006)
Non-Controlling Agencies
• “Any Cash in State Treasury Balance should be reclassified with a shared cash adjustment.” (T-Code 654/655; GL 0047)
• …Non-controlling agencies…are subject to the Interfund Activities deadline.
Source: Requirements for the Annual Financial Reports (Page 3.28 – June 2006)
Fixed Asset Reporting
Agency
Responsibility
General Obligation
Bonds
Revenue
Bonds
University Revenue
Bonds Enter Fixed Assets in SPA
Client
Client
Client
Report Fixed Assets in AFR
Client
Client
Client
Bond Schedules
Agency
Responsibility
General Obligation
Bonds
Revenue
Bonds
University Revenue
Bonds Prepare Bond Schedules*
TPFA**
TPFA**
Client
*”The scope of the statewide audit includes tests for compliance with the covenants of general obligation and revenue bond issues of the State. Therefore, it is essential each agency that issues bonds include these schedules in their Annual Financial Report.” ** The Texas Workforce Commission and the Texas Military Commission are an exception. TPFA: Reporting Requirements for Annual Financial Reports of State Agencies and Universities – p8.31
Pledged Revenues
• The following agencies/universities will provide TPFA with information regarding pledged revenues and related expenditures at fiscal year end:
– Department of State Health Services– Texas Parks & Wildlife– Texas State Technical College
Deadlines
• 09/20/CY Interfund Activities confirmed & entered into USAS• 11/20/CY AFR Due
• To move toward producing the state's Comprehensive Annual Financial Report (CAFR) in a more timely manner, the Comptroller’s Financial Reporting section (FRS) has identified new streamlined submission requirements that are incorporated in an agency Closing Package. The Comptroller’s office recommends that all Group I, II, and III agencies submit the Closing Package for the fiscal 2006 AFR. The deadline for submission of the Closing Package is October 2, 2007.
F. Continuing Disclosure
Continuing Disclosure(SEC Rule 15(c) 2-12)
• Required by Securities and Exchange Commission Rule• Unless exempt, issuers must file annual operating and financial
information• For most TPFA Bonds, Comptroller makes annual and quarterly filings• In addition, TPFA files supplemental annual financial information for :
TMFC, DSHS (Health Lab); TPWD GO Bonds; TWC• Universities (SFA, MSU, TSU) are also required to file separately
File on-line at DisclosureUSA.org
